Brazil proposes to impose a uniform tax rate of 17.5% on cryptocurrency profits

PANews reported on June 14 that according to CoinDesk, Brazil has canceled its long-standing tax exemption policy for cryptocurrency gains. According to the interim decree (Decree No. 1303), a uniform tax rate of 17.5% will be imposed on personal cryptocurrency profits. It is reported that this tax rate applies to all cryptocurrency holders, which means that small investors will face higher tax burdens, while large investors' tax burdens may be reduced. Previously, individuals in Brazil did not have to pay taxes for selling cryptocurrencies worth no more than 35,000 reais (about US$6,300) per month.